Help needed for f&f settlement with egg loan please!

[bobogosing]

Hello, can someone give me some advice please? Or point me to the direction to get help. I've 9 creditors and planning to offer F&F settlement as a member of family have offered a lifeline. I've been on a DMP with Payplan since Dec 06, with the rate I am paying, it won't be till 2047 my debts will be paid off!I have posted EGG loan agreement, is it enforceable? Thanks bobo

http://i1011.photobucket.com/albums/...g17/eggcca.jpg
http://i1011.photobucket.com/albums/...ing17/cca2.jpg
http://i1011.photobucket.com/albums/...ing17/cca3.jpg

[bobogosing]

Re: Help needed for f&f settlement with egg loan please!

Is anyone out there please?

[Amethyst]

Re: Help needed for f&f settlement with egg loan please!

Hiya, having a look at your links now Sorry your post has been missed.

Good news you might be in a position to F&F settle your debts xx

[Amethyst]

Re: Help needed for f&f settlement with egg loan please!

Would you consider the PPI was worth the money you paid for it ? (ie have you considred reclaiming what you have paid on PPI and interest on PPI due to it being missold to you) EDIT: Ahhh you had the PPI removed back in 2007 and a credit for such. Prob want to check the figures on that were correct tho (£1666.76).

The loan was for £20k cash, £3500 PPI, and £4250 to payoff your egg card (restricted use) ? so this should be a multiple agreement. Total credit 28k.

Taken out May 2005.

[bobogosing]

Re: Help needed for f&f settlement with egg loan please!

Hello Amethyst, thanks for looking!! I didn't ask for the PPI and also don't know why they've credited the PPI. I really don't know how these work and really appreciate any advice how to write the F&F settlement letter offer. I am on DMP with Payplan since DEC 06 and thinking of dealing with the creditors alone. I've asked Payplan about lump sum settlement and they said I need 80% of the balance. The amount I am offered by a member of family is no were near that, plus I need to pay the money back and I really don't want to go into deeper debt that I will not be able to afford. The lifeline I am getting will not be available forever and really wish I can sort my life out :embarassed:.
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"The loan was for £20k cash, £3500 PPI, and £4250 to payoff your egg card (restricted use) ? so this should be a multiple agreement. Total credit £28k."

I've used part of the loan to payoff my egg card, then my egg card's balance should be nil. I am in a mess! I went through a bad patch of depression back in 07 up to 09. My memory is really bad but bits are coming back slowly. Need to send them a letter to ask why I am still paying the egg card.

[Amethyst]

Re: Help needed for f&f settlement with egg loan please!

Okay first thing you need to do then is send a full Subject Access request to EGG, see whats going on with the accounts and why you are still paying the egg card if you paid it off with the loan (unless there was another egg card too ? or you continued spending on it after it was paid off with the loan?). The PPI rebate was just as you entered the PAYPLAN DMP so it is probably to do with that.

The agreements you have posted up did you get those off EGG under the Consumer Credit Act or are they originals you had kept hold of ?

F&F @ 80% is a little bit much, I'd start more at 30% and expect to get away with 50-60% especially as you are making such low monthly payments at the moment. Definately worth a try, and def without payplan lol. But while you negotiate keep up the payments with payplan until things are sorted with each creditor.

[The Debt Star]

Re: Help needed for f&f settlement with egg loan please!

Ahhh you had the PPI removed back in 2007 and a credit for such. Prob want to check the figures on that were correct tho (£1666.76)[/B].

six bucks and my left nut says we aint landing in Chicago!

defo look at the figures there 'coz its something you can build into your F&F letter, to add as a persuader. Plus it was mis-sold in the first place so claim the lot at compound interest rate and knock that off your F&F.

I made a 50% F&F to Egg a coupla months back and they turned it down. I was / am on a low payment plan as well and was surprised they bounced the offer. Since then I have uncovered a can of worms in the arrangements Egg put in place, including single premium PPI, restricted-unrestricted use, mis-selling, breach of fiduciary duty, loadsa stuff. Somewhere in there is the amount of principle we legit owe Egg but its worth digging deeper to see oif they have conned you too. Follow Ame's sound advice and get a SAR on them, ask for a copy of the old credit card agreement as well as there was probably ppi on that as well.

[bobogosing]

Re: Help needed for f&f settlement with egg loan please!

Okay first thing you need to do then is send a full Subject Access request to EGG, see whats going on with the accounts and why you are still paying the egg card if you paid it off with the loan (unless there was another egg card too ? or you continued spending on it after it was paid off with the loan?). The PPI rebate was just as you entered the PAYPLAN DMP so it is probably to do with that.

The agreements you have posted up did you get those off EGG under the Consumer Credit Act or are they originals you had kept hold of ?

F&F @ 80% is a little bit much, I'd start more at 30% and expect to get away with 50-60% especially as you are making such low monthly payments at the moment. Definately worth a try, and def without payplan lol. But while you negotiate keep up the payments with payplan until things are sorted with each creditor.

Thanks for the advice Amethyst. I definately don't have another egg card.
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Okay first thing you need to do then is send a full Subject Access request to EGG, see whats going on with the accounts and why you are still paying the egg card if you paid it off with the loan (unless there was another egg card too ? or you continued spending on it after it was paid off with the loan?). The PPI rebate was just as you entered the PAYPLAN DMP so it is probably to do with that.

The agreements you have posted up did you get those off EGG under the Consumer Credit Act or are they originals you had kept hold of ?

The agreements was from EGG when I cca them.

F&F @ 80% is a little bit much, I'd start more at 30% and expect to get away with 50-60% especially as you are making such low monthly payments at the moment. Definately worth a try, and def without payplan lol. But while you negotiate keep up the payments with payplan until things are sorted with each creditor.

This question is for a friend. Can the credit card companies default you while you are requesting the agreements? He is struggling to pay the minimum payment and is thinking off paying half the mimimum amount and in the mean time requesting for the agreements.
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six bucks and my left nut says we aint landing in Chicago!

defo look at the figures there 'coz its something you can build into your F&F letter, to add as a persuader. Plus it was mis-sold in the first place so claim the lot at compound interest rate and knock that off your F&F.

I made a 50% F&F to Egg a coupla months back and they turned it down. I was / am on a low payment plan as well and was surprised they bounced the offer. Since then I have uncovered a can of worms in the arrangements Egg put in place, including single premium PPI, restricted-unrestricted use, mis-selling, breach of fiduciary duty, loadsa stuff. Somewhere in there is the amount of principle we legit owe Egg but its worth digging deeper to see oif they have conned you too. Follow Ame's sound advice and get a SAR on them, ask for a copy of the old credit card agreement as well as there was probably ppi on that as well.

Hello TDS! Thanks for the advice. Is there any chance you send me a copy of your template letter that you send EGG about the mis-selling PPI. I just don't know where to start and I don't want to ruin my chances to negociate for a F&F settlement if I fluff my words.

[The Debt Star]

Re: Help needed for f&f settlement with egg loan please!

Hello TDS! Thanks for the advice. Is there any chance you send me a copy of your template letter that you send EGG about the mis-selling PPI. I just don't know where to start and I don't want to ruin my chances to negociate for a F&F settlement if I fluff my words.

hello! yes of course. I will scan a copy and PM to you.

I sent a separate ppi letter and a F&F letter in the same post. so will PM both to you.

[lexis200]

Re: Help needed for f&f settlement with egg loan please!

This question is for a friend. Can the credit card companies default you while you are requesting the agreements? He is struggling to pay the minimum payment and is thinking off paying half the mimimum amount and in the mean time requesting for the agreements.

Essentially if you don't pay what they state when they state, they can default you as you are breaking the contract. Some companies may be more lenient than others, but banks seem to be pretty default-happy at the moment.

FWIW, when I started payment plans some 2 1/2 /3 years ago, several creditors said they would not start a plan unless I was issued with a default first. This was how they chose to 'help' when I said I was in trouble and trying to address it rather than bury my head in the sand. I had not missed a payment until the plans were agreed by them. Considering I'd had an almost spotless file for ever before that, this was a bit of a shock

Bear in mind too that requesting the agreements is not a quick thing. Many creditors with take an age to respond with what you want, and only then after you have chased and threatened them. Once you have the agreement, you then have to work out if it's enforceable or not, and if it's not you start another round of arguments with the bank as they will undoubtedly say it is.

Even if it is complete pants, or they don't even hold a copy, if you then go down the road of not paying, expect your credit file to be utterly trashed. It will not matter one iota to the banks that they should not place markers on an account in dispute, or one without a valid legal agreement. Your friend would end up with D's all over the place.

Whatever your friend chooses to do, the bottom line is that if they don't pay the minimums on time they will end up with bad markers on their credit file; in all likelihood this will be sooner rather than later. Sorry

I did precisely what you suggest your friend is thinking of, the only difference being I sorted out a pro-rata payment plan to all of them and got that agreed, then some months later found a help forum which showed that I could request the agreements. Some are still being paid the payment plan amounts, others I ceased paying. All but my largest cards (typical!) are dodgy agreements, and most have cocked up on the default/termination combo. The only reason I pay some and not others is purely down to how I was treated by them. My credit file was shot to bits before I got anywhere close to CCA'ing them for the agreements.

As for the f+f, I offered one to Egg at the end of last year. My payment plan gives them approx 0.02% of the balance per month, and I offered about 20% (given that I'm paying such a tiny amount monthly, the agreement is dubious and they cocked up with the default, I thought that was quite reasonable). They responded by selling the account to Apex (probably for about 10%:rolleyeswho I've been playing with ever since.

[The Debt Star]

Re: Help needed for f&f settlement with egg loan please!

As for the f+f, I offered one to Egg at the end of last year. My payment plan gives them approx 0.02% of the balance per month, and I offered about 20% (given that I'm paying such a tiny amount monthly, the agreement is dubious and they cocked up with the default, I thought that was quite reasonable). They responded by selling the account to Apex (probably for about 10%:rolleyeswho I've been playing with ever since.

yep, they bounced my f&f for 50%.

I think they have a de minimis of 75%, but I have stuck with 50% minus the ppi plus interest whilst kicking off with the FOS and the letters I am going to send you bobgosin refect this position. you will need to adapt them.

if you are willing to offer them 75% they will accept in all probability. but you have been mi-sold the ppi and that will seriously reduce the amount you owe them. plus, if they defaulted you, that default is for an inaccurate sum.

one question i have about the default is that, if inaccurate, can they refresh it with today's date??

[lexis200]

Re: Help needed for f&f settlement with egg loan please!

They can if they did not go onto terminate the account, but if they have terminated it then there is no live agreement for them to issue a second default on.

As the wording of a default notice is legally prescribed, and that wording relates to a live document, if they terminate it they screw themselves as far as re-issuing goes as they can not base their second default on a defunct agreement as to do so would require changing the words in the notice. It would also mean you could not possible hope to remedy the situation as there is no agreement left to remedy.

That's not to say they won't (co-op have terminated, defaulted, terminated, defaulted me, in that order) do it, but it is as good as meaningless if they do.

[The Debt Star]

Re: Help needed for f&f settlement with egg loan please!

They can if they did not go onto terminate the account, but if they have terminated it then there is no live agreement for them to issue a second default on.

hi. without wishing to hi-jack bobo's thread, just one quick quezzie on the above point: as I have an arrangement to pay Egg, and their default is inaccurate, am i shooting myself in the foot asking them to remove the default? they could just as easily say "fine, we've adjusted the default, its now £X but is dated 14.9.10 and not 1.1.05"

sorry bobo. thats my last interjection. if you give me your private email address by pm I will send copies of my f&f and ppi letters to egg onto you.

[bobogosing]

Re: Help needed for f&f settlement with egg loan please!

This question is for a friend. Can the credit card companies default you while you are requesting the agreements? He is struggling to pay the minimum payment and is thinking off paying half the mimimum amount and in the mean time requesting for the agreements.

Essentially if you don't pay what they state when they state, they can default you as you are breaking the contract. Some companies may be more lenient than others, but banks seem to be pretty default-happy at the moment.

FWIW, when I started payment plans some 2 1/2 /3 years ago, several creditors said they would not start a plan unless I was issued with a default first. This was how they chose to 'help' when I said I was in trouble and trying to address it rather than bury my head in the sand. I had not missed a payment until the plans were agreed by them. Considering I'd had an almost spotless file for ever before that, this was a bit of a shock

Bear in mind too that requesting the agreements is not a quick thing. Many creditors with take an age to respond with what you want, and only then after you have chased and threatened them. Once you have the agreement, you then have to work out if it's enforceable or not, and if it's not you start another round of arguments with the bank as they will undoubtedly say it is.

Even if it is complete pants, or they don't even hold a copy, if you then go down the road of not paying, expect your credit file to be utterly trashed. It will not matter one iota to the banks that they should not place markers on an account in dispute, or one without a valid legal agreement. Your friend would end up with D's all over the place.

Whatever your friend chooses to do, the bottom line is that if they don't pay the minimums on time they will end up with bad markers on their credit file; in all likelihood this will be sooner rather than later. Sorry

I did precisely what you suggest your friend is thinking of, the only difference being I sorted out a pro-rata payment plan to all of them and got that agreed, then some months later found a help forum which showed that I could request the agreements. Some are still being paid the payment plan amounts, others I ceased paying. All but my largest cards (typical!) are dodgy agreements, and most have cocked up on the default/termination combo. The only reason I pay some and not others is purely down to how I was treated by them. My credit file was shot to bits before I got anywhere close to CCA'ing them for the agreements.

As for the f+f, I offered one to Egg at the end of last year. My payment plan gives them approx 0.02% of the balance per month, and I offered about 20% (given that I'm paying such a tiny amount monthly, the agreement is dubious and they cocked up with the default, I thought that was quite reasonable). They responded by selling the account to Apex (probably for about 10%:rolleyeswho I've been playing with ever since.

six bucks and my left nut says we aint landing in Chicago!

defo look at the figures there 'coz its something you can build into your F&F letter, to add as a persuader. Plus it was mis-sold in the first place so claim the lot at compound interest rate and knock that off your F&F.

I made a 50% F&F to Egg a coupla months back and they turned it down. I was / am on a low payment plan as well and was surprised they bounced the offer. Since then I have uncovered a can of worms in the arrangements Egg put in place, including single premium PPI, restricted-unrestricted use, mis-selling, breach of fiduciary duty, loadsa stuff. Somewhere in there is the amount of principle we legit owe Egg but its worth digging deeper to see oif they have conned you too. Follow Ame's sound advice and get a SAR on them, ask for a copy of the old credit card agreement as well as there was probably ppi on that as well.

Thanks lexis 200! My friend was thinking if they cannot come up with an agreement, he's going to stop making payments. And how can they default you when the account is in dispute? Thought they are in default for not supplying the cca?


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hello! yes of course. I will scan a copy and PM to you.

I sent a separate ppi letter and a F&F letter in the same post. so will PM both to you.

Thanks TBS! I will email you my email address.
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hi. without wishing to hi-jack bobo's thread, just one quick quezzie on the above point: as I have an arrangement to pay Egg, and their default is inaccurate, am i shooting myself in the foot asking them to remove the default? they could just as easily say "fine, we've adjusted the default, its now £X but is dated 14.9.10 and not 1.1.05"

sorry bobo. thats my last interjection. if you give me your private email address by pm I will send copies of my f&f and ppi letters to egg onto you.

No problem TBS. We are on the same topic and it would help me too with the questions your asking. Two head is better than one!

[bobogosing]

Re: Help needed for f&f settlement with egg loan please!

Can anyone tell me, once the defaults been on the credit file for 6 years, what happens next? As I understands the defaults are wiped off after 6 years but what happens if the debts are not paid off?

Also, will the mortage be affected? Lets say when a tracker deal is up and wishes to request for the next better deal, will they credit search?

Really appreciate any advice.

bobo